Chesapeake Energy CEO Aubrey McClendon will retire effective April 1, according to a company release. Shares of CHK are surging in after-hours trading An internal review found McClendon did not engage in any improper conduct.

Back in May 2012, when Reuters' all out aggressive campaign against Chesapeake Energy was in full swing and the stock was trading around $14 per share, we predicted that contrary to the endless balance sheet bashing there was, in fact, much upside to CHK.

By Zvi Bar:On Tuesday, January 29, Chesapeake Energy (CHK) announced that its billionaire co-founder, chief executive, and president, Aubrey McClendon has "agreed to retire" by April 1. The market is taking this ouster of McClendon as a positive sign, despite the fact that his successor is still unknown.

Chesapeake Energy Corp. Chief Executive Officer Aubrey McClendon will resign from the company he built into the second-largest U.S. natural gas producer after scrutiny of his personal finances and a corporate cash crunch erased as much as 43% of its market value last year.